Q&As

What is “Cash” for the purposes of Probate? Can it include items that can be liquidated?

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Produced in partnership with Helen Galley of XXIV Old Buildings
Published on: 06 December 2019
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In Re Wellsted's Will Trusts Wellsted v Hanson it was said: ‘“Cash”…is a loose expression. Nowadays it does not mean mere cash in one’s pocket, but it includes a chose in action like money on current or deposit account at the bank’.

An application for the grant of probate on an estate over the nil rate band threshold is made on an IHT400 form. That form requires the applicant, usually the executor, to set out the deceased’s assets. In the first section under the heading ‘Assets Owned Outright by the Deceased’ are seven categories of property. These include real property being the deceased’s residence but not investment property, household goods and life assurance policies. It is clear from the various

Helen Galley
Helen Galley

XXIV Old Buildings

Helen has built up a reputation as a well-respected commercial Chancery practitioner with an emphasis on property and trusts related issues. She has built up extensive and wide ranging expertise in both non contentious and contentious property matters ranging from small scale cases to multi-million pound developments. Helen has also acted in a wide range of commercial and business disputes in areas as diverse as travel, hire purchase, the media, entertainment, IPR, IT and e-commerce. Contentious and non-contentious trusts matters, both on and offshore, are a regular feature of her caseload. Helen is a member of STEP, ACTAPS, the Property Bar Association, the Chancery Bar Association and IAL as well as an accredited mediator. Helen is recommended as “a first-rate advocate” in Legal 500 2015 for private client (trusts and probate), partnership and professional negligence. She is said to be “consistently able to provide excellent advice in a charming and friendly style” and is “responsive, hugely supportive and extremely user-friendly”.

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Jurisdiction(s):
United Kingdom
Key definition:
Probate definition
What does Probate mean?

The process of proving (ie establishing the validity of) a Will by the executor. Once the Will has been proved, the court will issue a grant of representation. The Scottish law equivalent is executry.

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